News
Former AG legal consultant to CIFC
View(s):Former Attorney General Yuvanjana Wijethilake has been appointed legal consultant of the new Colombo International Financial City (CIFC) formerly Colombo Port City, the Cabinet Committee of Economic Management (CCEM) was informed at a recent meeting.
It was stated that Mr. Wijethilake will be resposible for dealing with legal matters of the centre, which is to be governed under a new Act titled the CIFC Law.
The relevant draft Bill will be presented in Parliament shortly and envisages the creation of an “International Financial Zone” (IFZ) within the land area to be reclaimed by the Project Company CHEC Port City Colombo (Pvt) Ltd.
The IFZ will create an environment for the international financial services industry by attracting reputed international banking and financial services companies to locate within the CIFC, it was stated.
The CCEM has directed the Ministry of National Policies and Economic Affairs to establish the Legal Division, creating a cadre for supporting staff of senior and junior research officers, recruiting persons recommended by Mr. Wijethilake, in consultation with the Department of Management Services of the Finance Ministry.